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Answers (12)
Best Answer
- Joe Zekas, "NewHomeNotebook"
- Contributions:362
What to do? Rent. Rebuild your credit. Accumulate some savings.
Unless you have some substantial experience in real estate and a cushion of liquid assets you should never consider buying foreclosed property unless it's in pristine condition, which is rarely the case.
Unless you have some substantial experience in real estate and a cushion of liquid assets you should never consider buying foreclosed property unless it's in pristine condition, which is rarely the case.
- Kelly Lacey, "kellylacey"
- Contributions:797
The original question was posted over 1 year ago...doubt the poster is still paying attention.
- Justin Kennedy
- Contributions:692
the correct answer is a question,
what type of bankruptcy, chapter 7 or chapter 13?
what type of bankruptcy, chapter 7 or chapter 13?
- Thomas Martin, "911loan"
- Contributions:3
FHA loans require you to waid 2 years after a bankruptcy with no latepayments and 3 years after a foreclsoure with no lates. Hope that helps.
Thomas Martin
http://fhamortgagefhaloan.com/
Thomas Martin
http://fhamortgagefhaloan.com/
- barbara mcmahon, "NVST in homes"
- Contributions:64
you may want to consider putting together a group of investors. If someone has good credit and can obtain a loan, you can create an LLC, if that is allowed in your state. I am not sure why people always talk about foreclosures - they are often difficult and time consuming. There are some great buys out there with listed properties. Additionally, you may find a seller that wants to carry the contract.
- Nick Anderson, "agenttiki"
- Contributions:15
find gobs of cash fast because by the time you go through the credit-rebuild BS the deals will be history. find an agent who will sell you HUD stuff.
- SimplySOLD
- Contributions:44
Your situation is not clear but let me try:
1. you filed bk 8 months ago
2. you want to buy a house (doesn't matter what kind)
3. you need a loan
Have you been discharged from the bankruptcy? If so when.
Have you talked to a lender about getting a loan?
As stated previously, you will need at least a 620-640 credit score PLUS you will have to wait at least 3 years from the date of discharge to buy anything. Why, no one is going to give you a loan. Until that time all you cna do is work on re-establishing credit and building a cash reserve to purchase. You are going to need at least 3.5% of the the purchase value for downpayment PLUS your insurance, taxes and other pre-paid items.
Hope that helps...
1. you filed bk 8 months ago
2. you want to buy a house (doesn't matter what kind)
3. you need a loan
Have you been discharged from the bankruptcy? If so when.
Have you talked to a lender about getting a loan?
As stated previously, you will need at least a 620-640 credit score PLUS you will have to wait at least 3 years from the date of discharge to buy anything. Why, no one is going to give you a loan. Until that time all you cna do is work on re-establishing credit and building a cash reserve to purchase. You are going to need at least 3.5% of the the purchase value for downpayment PLUS your insurance, taxes and other pre-paid items.
Hope that helps...
- SlickPoetry
- Contributions:294
if you filed bankruptcy 8 months ago expect to be a renter until at least 2011. Unless you have enough cash in your bank account to buy the house outright without a mortgage.
- Julie Ferenzi, "Julie Ferenzi"
- Contributions:6
You will need to have a minimum credit score of either 620 or 640 before you can purchase with an FHA loan with 3.5% down. The bankruptcy will probably affect your credit score for about 2-3 years and there really isn't any way around that. Good luck.
- Eric Smith, "ohiosmitty"
- Contributions:352
Bankruptcy must be minimum 2 years old from discharge date, NOT file date.
Of course, since then, you will have to have re-established credit.
This is for FHA
Of course, since then, you will have to have re-established credit.
This is for FHA
- bigman72
- Contributions:2
thank you for answering my question but, i think you got confused about the question. I had filed bankruptcy 8 months ago and is looking to buy foreclosed or a loan for a home, i didnt foreclosed on a home just wanted advice on the bankruptcy case looking to purchase property.
To qualify for an FHA mortgage, at least 3 years must have elapsed since the date of your Foreclosure. All other judgments and liens must be paid off. You must also have reestablished good credit, and you cannot have any late payments on any accounts since the foreclosure.
To qualify for a conventional mortgage, At least 5 years must have elapsed since the date of your Foreclosure. All other judgments and liens must be paid off. You must also have reestablished good credit, and you cannot have any late payments on any accounts since the foreclosure. In addition, at least 10% down is required if your foreclosure was less than 7 years ago.
Note: These rules can change by the time you think you may be eligible to buy a home.
hi, im looking into purchase foreclosed property,but i filed bankruptcy 8 months ago what to do?
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